New CEO for Morgan Stanley Saudi Arabia

Riyadh, August 3, 2008

Achkar will be responsible for overseeing the continued expansion of MSSA. He will relocate to Riyadh.

“Habib’s appointment is an important development as we continue to build our franchise in the Middle East,” said Dr Georges Makhoul, Morgan Stanley’s president for the Middle East and North Africa region.

’Saudi Arabia is an important strategic market for the firm and this appointment further demonstrates our commitment to building a leading franchise there.’

“MSSA has made strong progress since it was established last year,’ added Fahad Almubarak, chairman of MSSA. ’Habib’s extensive experience and skill set will enable us to further develop our business and expand the range of services we offer our clients.”

Achkar is a 19-year Morgan Stanley veteran, having joined the firm in 1989 in New York. He has held a number of senior roles within the firm, most recently as head of sales and trading for France, running the firm’s market-leading equity and fixed income distribution business.

He holds an MBA from Stern Business School, New York, and a Masters in Economics from Dauphine University, Paris. –TradeArabia News Service